KARACHI, Nov 29 (Reuters) - Pakistani stocks hit a record
high on Thursday for the third day in a row, driven by interest
in Unilever and banking stocks, dealers said.
The Karachi Stock Exchange's (KSE) benchmark
100-share index surged to a record high of 16,556.27 in intraday
trading. It closed at 16,527.08, up 0.63 percent or 103.05
Financial services company Jahangir Sidiqui rose
6.38 percent, or 1.0 rupees, to 16.68 per share, while Byco
D.G. Khan Cement fall 2.1 percent, or 1.16
rupees, to 53.98 per share. Dealers said trading was strong in
the cement, textile and fertilizer sectors.
The market also found support from expectations that the
State Bank of Pakistan will cut its discount rate at next
month's monetary policy meeting.
In the currency market, the Pakistani rupee closed
slightly weaker on 96.54/96.59 to the dollar, compared to
Wednesday's close of 96.53/96.58, ahead of scheduled debt
repayments to the International Monetary fund (IMF) and strong
demand for dollars, dealers said.
Overnight rates in the money market ended at 9.50 percent
compared to Wednesday's close of 9 percent.
(Compiled by the Karachi newsroom)